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More fines against Woodbury Financial

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Woodbury Financial was fined $50,000 by Finra self-regulators to have failed to properly established, maintained, and enforced a supervisory system and written procedures, regarding variable life insurance policies that were sold by Woodbury Financial personnel.

Woodbury Financial was ordered to pay over $600,000 in an arbitration regarding customers of Woodbury Financial stockbroker Jeffrey Guman. The arbitration was based on a TIC investment (Tenant-in-Common also involving triple-net or NNN investments) alleging breach of fiduciary duty, misrepresentations and omissions; negligence; violation of California securities laws; and breach of contract. The causes of action relate to Claimants’ investment in an undivided tenant in common interest offered by NNN Aventura Harbor Centre, LLC.


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